8K Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The 8K market is expected to register a CAGR of 32.9% over the forecast period. The advancements in display technology and the increase in demand for high-resolution TVs among consumers create a positive outlook for the growth of the 8K market. The large-screen and high-resolution TVs offer better quality and realistic images and an enhanced viewing experience.

Key Highlights

• In recent years, productions such as broadcasts and documentaries of sporting events have begun to adopt 8K equipment to deliver ultra-high-resolution videos worldwide. To that end, there is a demand for essential technological developments and a stable supply of equipment optimized for 8K standards covering input, transmission, and output.
• The 8K market is witnessing a rise in adoption across diverse fields, such as healthcare, entertainment, and commercial segments. The market is experiencing robust growth, owing to the increasing demand for 8K-based cameras, especially from filmmakers, due to their ability to capture better images. The 8K imaging systems have a high pixel count, which is preferred over traditional imaging techniques. The high resolution afforded by 8K technology provides a level of detail used for telemedicine and by surgeons and medical students over remote connections. This is driving the adoption of 8k technology in healthcare. Thus, the demand for 8K technology in healthcare is propelling the market.
• Consumer electronics growth has been driven by the increasing middle class, changing lifestyle choices, and the desire to use smart electronic products. Furthermore, growing consumer disposable income would fuel demand for electronic gadgets, propelling the 8K technology market forward throughout the projection period.
• However, the expensive cost of 8k technology-based products and limited 8k content accessibility are significant challenges expected to hinder market expansion. Furthermore, increasing demand for 8k technology from several developing nations in the APAC region is expected to give profitable chances for the market to expand over time.
• The pandemic significantly decreased the frequency of purchasing electrical and electronic equipment, as often as the wait time for goods delivery. Because of the COVID-19 epidemic, there is a shortage of labor, raw materials, and other components, causing the manufacturing of monitors, televisions, cameras, and full domes to be impeded. Some of the issues that the sector is concentrating on are an impeded supply chain and distribution network. Monitors and television sales from e-commerce platforms may grow after COVID-19. Companies must create such strata to adapt the design of their supply chain and production strategies or plans to the changing business environment.

8K Market Trends

Increasing Demand for High-End Display in Consumer Electronics Market Drives the Market Growth

• The rising adoption of electronic consumer items such as large-screen televisions, wearable devices, smartphones, and others has influenced market growth. Another aspect driving market expansion is the growing demand for an 8K UHD display over traditional image techniques.
• With the help of advanced facilities, companies produce very large LCD sheets, called mother glass, from which TV display panels are cut. As a result, bigger TV panels can be produced with less waste, helping to drive down costs and consumer prices.
• The increase in smart TV use throughout the globe drives market growth. According to Ofcom, televisions that can run apps and access the internet can be found in an increasingly large number of households in the United Kingdom (UK). In the last year, 67 percent of homes in the UK owned a Smart TV.
• Furthermore, 8K technology provides display video at 120 frames per second rather than 60 frames per second. Thus, sports networks are especially interested in this technology. Doubling the number of frames displayed each second can help reduce motion blur during fast-moving action.
• Moreover, In February 2022, Sony Corporation and KDDI Corporation announced the successful completion of two technology demonstrations using a 5G Standalone mobile network (hence referred to as '5G SA') for PlayStation (R) game streaming and 8K live-streaming.
• The demand for 8K Ultra HDTV in the United States is increasing Y-o-Y. They are the early adopters of this technology. According to Consumer Technology Association, the number of 8K Ultra HD TV unit shipments in the United States is expected to increase yearly. Although this is a relatively new and expensive technology, only approximately 200 thousand 8K Ultra HD TVs are predicted to be supplied in the United States in the first year of the survey. Still, this number is expected to rise dramatically in the coming years and reach one million in the previous year.

Asia Pacific to Witness the Fastest Growth

• Japan has been actively investing in developing super hi-vision devices in the Asia-Pacific region while supporting technological aspects for the past few years. Thus, Japan has a stronghold for enabling and broadcasting 8K content. The presence of companies like Canon, Sony, Sharp, Panasonic, and NHK in Japan has helped the process.
• Japan placed 8K experience zones, such as Tokyo 8K Super Hi-Vision Theater and Tokyo 8K Theater, for people to experience 8K technology. Since it is in the early stages, 8K technology is only affordable for some, and the demand is only from high-income individuals or businesses.
• China is one of the prominent consumers, with the infrastructure to support the mass production of 8K devices. This indicates that once the technology is set and becomes the norm, the Chinese manufacturers would lower the prices, and local manufacturers would emerge in the market.
• Further, 8K technology has been witnessing new applications. For instance, the Japan Aerospace Exploration Agency and broadcaster NHK are developing 4K and 8K cameras to capture images of Mars and its moons for the Martian Moons Exploration (MMX) mission. Such initiatives are anticipated to boost the market for 8K technology in the region.
• Moreover, prominent 8K display makers Samsung, FUJIFILM Corporation, and LG Electronics are based in the Asia-Pacific region. This adds value to the 8K market in the region. This indicates substantial manufacturing capabilities for 8K products in the region. For instance, In September this year, FUJIFILM Corporation launched the 'FUJIFILM X-H2' mirrorless digital camera. It is the newest addition to Fujifilm's X Series of tiny and lightweight cameras renowned for its exceptional image quality, delivered using Fujifilm's patented color reproduction technology. The X-H2 is equipped with the new back-illuminated 40.2MP 'X-TransTM CMOS 5 HR'*1 sensor and the fast 'X-Processor 5.' The new flagship model has the high picture quality in the X Series' history and can take high-resolution stills and 8K/30P video. It expands the photographic and videography coverage of the X Series to meet the demands of a wide range of users.

8K Market Competitor Analysis

The 8K market is highly fragmented and competitive because of the presence of major players. Some companies, like BOE Japan Co. Ltd, Canon Inc., Dell Inc., LG Electronics Inc., and Panasonic Corporation, are the major players in the 8K technology market. These players focus on strengthening their presence in the 8K technology market to meet the increasing demand from the consumer electronics industry, with high demand for better display screens and technological advancements in micro-LEDs. Players in the market are adopting strategies such as partnerships, innovations and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

In February 2022: Canon launched the EOS R5 C, the latest addition to the company's Cinema EOS System of video production equipment. The camera is designed for consumers who want great performance for video and still photo photography. It has a tiny, lightweight body weighing around 680g and 8K RAW internal video recording.

In July 2022: Samsung and Microsoft partnered to bring the Xbox App to the Samsung Gaming Hub on Neo QLED 8K/4K, QLEDs, and Smart Monitor Series. With this collaboration, Samsung Gaming Hub customers can now stream over 100 high-quality games via the Xbox app, including blockbuster titles like Halo Infinite and Forza Horizon 5. Furthermore, consumers can play new games from Xbox Game Studios on the first release day and experience iconic franchises from Bethesda Softworks and others.

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